Housing Report for Norwich-New London

Norwich-New London recorded a median home value in 2005 of $237,400, accounted by the American Community Survey. This is less than the State of Connecticut 2005 median home value of $271,500 and greater than home value of $167,500 across the United States during the same year.

Looking across the State of Connecticut, Norwich-New London stands 1 of the 4 metro areas by percentage growth in residential real estate. The metro area is positioned 273 of 361, compared to percent change of residential structures in other metropolitan areas throughout the United States.

Norwich-New London has a relatively high percentage of high-priced residential real estate. For the year 2005, the American Community Survey reported that 10.4 percent of the areas residential property was valued over $500k.

There seems to be a limited amount of affordable housing in Norwich-New London, Connecticut. In 2005, only 9.6 percent of housing was valued under $125k.

In Norwich-New London, the real estate market was made up of 114,805 homes in the year 2005. This MSA has gone through a medium level of growth in the number housing units, adding in all 3,396 housing units since the year 2001, or 3 percent.



Data Source: U.S. Census Bureau